Saudi Prince to own Leelaventure hotels?

Reports are coming out that Hotel Leelaventure is in talks with Saudi Prince Alwaleed bin Talal to sell its Chennai, Goa and Delhi properties to raise Rs. 3,000 crore.

 The Mumbai-based hotel chain has already missed the first deadline set for it to raise the funds by JM Financial Asset ReconstructionCompany (ARC), which earlier this year acquired 97 per cent of the chain's debt from a consortium of lenders. If the promoters fail to bring in Rs. 3,000 crore capital by December-end, ARC would float a global tender for the sale of the properties

Earlier this year, it initiated talks with buyout firm Kohlberg Kravis Roberts & Co, wherein the company would mortgage its properties in Delhi and Chennai to KKR against a loan of Rs. 2,000 crore for two years at an interest rate of 18 per cent. The talks were called off as both parties and lenders couldn't agree on the terms for a deal. It has sold some properties, such as an IT park in Chennai and the Leela Resorts hotel in Kovalam, Kerala.